New York CNN —
Low-income consumers feeling a pinch in the economy are leading to lower-than-expected sales for Dollar General, as the budget-friendly retailer slashed its sales and profit outlook for the year.
Its shares sank nearly 30% in afternoon trading following the release of its earnings Thursday, in which the company said it expects same-store sales to grow between 1% to 1.6% — a drastic reduction from the 2% to 2.7% it had previously forecast for the year.
Dollar General CEO Todd Vasos said its “softer sales trends are partially attributable to a core
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